YEREVAN, June 2. /ARKA/. Three Armenia-based commercial banks – Armbusinessbank, Ardshinbank and VTB Bank (Armenia) – have joined the government-designed scheme that will allow senior citizens to earn a certain amount of cashback if they use their credit or debit cards to pay for purchases.
The decision comes into force on July 1, 2022. According to the decision, pensioners who hold cards of the banks which are government’s partners will be refunded 10% of the total amount spent on payments and purchases in the previous month.
However, the total amount of cashback may not exceed 5000 drams a month (a little more than $10). These amendments will also apply to payment of utility bills through ATMs of partner banks.
“Out of 560 thousand pensioners in Armenia some 390 thousand use bank cards. Only 1,000 out of 80,000 socially disadvantaged pensioners use bank cards,” Labor and Social Affairs Minister Narek Mkrtchyan said today.
According to him after July 1, when the decision comes into force, the number of bank card holders is expected to rise. There are currently 17 commercial banks in Armenia. -0-
